香港的经常账户盈余从去年同期的953亿港元扩大至2025年第一季度的1252亿港元，主要是由于初级收入盈余增加和服务贸易强劲。主要收入盈余从613亿港元显著增至797亿港元，而服务账户盈余从447亿港元增至549亿港元。商品账户赤字从62亿港元收窄至30亿港元。相比之下，二级收入赤字从一年前的45亿港元扩大到64亿港元。

Hong Kong’s current account surplus widened to HKD 125.2 billion in the first quarter of 2025 from HKD 95.3 billion in the same period a year earlier, driven primarily by a larger primary income surplus and stronger services trade. The primary income surplus rose notably to HKD 79.7 billion from HKD 61.3 billion, while the services account surplus increased to HKD 54.9 billion from HKD 44.7 billion. The goods account deficit narrowed to HKD 3.0 billion from HKD 6.2 billion. In contrast, the secondary income deficit widened to HKD 6.4 billion from HKD 4.5 billion a year earlier.

香港的年通胀率从上月2%的三个月高位降至2025年5月的1.9%。运输（4月份为2.2%对3.8%）、杂项商品（0.5%对1%）和杂项服务（1.4%对2.1%）的价格有所缓和。此外，服装和鞋类（-5.3%对-4.1%）和耐用品（-2.3%对-1.6%）的通货紧缩加剧。与此同时，住房（2.9%对2.8%）、电力、天然气和水（19.7%对13.2%）以及酒精饮料和烟草（0.5%对0.4%）的成本加快。与此同时，食品价格保持稳定（0.4%）。按月度计算，2025年5月消费者价格从前一个月的0.1%下降了0.3%。

The annual inflation rate in Hong Kong edged down to 1.9% in May 2025 from a three-month high of 2% in the previous month. Prices moderated for transport (2.2% vs 3.8% in April), miscellaneous goods (0.5% vs 1%) and miscellaneous services (1.4% vs 2.1%). In addition, deflation worsened for clothing and footwear (-5.3% vs -4.1%) and durable goods (-2.3% vs -1.6%). Meanwhile, costs accelerated for housing (2.9% vs 2.8%), electricity, gas, and water (19.7% vs 13.2%), and alcoholic drinks and tobacco (0.5% vs 0.4%). At the same time, prices were stable for food (0.4%). On a monthly basis, consumer prices fell 0.3% in May 2025 from 0.1% in the previous month.

周五，恒生指数飙升293点，收于23530点，涨幅1.3%，扭转了前三天的跌势，行业普遍上涨。该指数从三周低点回升，这得益于中国央行在5月份将关键贷款利率降至历史低点以刺激增长和抵消美国关税上涨后决定保持不变。随着美国淡化其即将加入以色列对伊朗发动袭击的猜测，市场情绪也有所回升。然而，在美联储警告通胀风险仍然“有意义”后，恒生指数本周下跌1.5%，这是三年来的首次单周跌幅，也是自4月初以来的最大跌幅，这表明2026年的降息步伐将放缓，尽管今年仍有两次降息的可能。联邦实验室股价上涨2.2%，此前该公司根据独家许可协议从诺和诺德获得了1.8亿美元的预付款。其他涨幅最大的公司包括阳光光学科技（4.2%）、Mixue Group（3.1%）和中芯国际（1.9%）。

The Hang Seng surged 293 points or 1.3% to close at 23,530 on Friday, reversing losses in the prior three days amid widespread sectoral gains. The index emerged from a three-week low, boosted by the PBoC’s decision to leave key lending rates unchanged after cutting them to record lows in May to spur growth and offset rising U.S. tariffs. Sentiment was also lifted as the U.S. downplayed speculation that it was close to joining Israel in launching strikes on Iran. However, the Hang Seng lost 1.5% for the week—its first weekly fall in three and the steepest since early April—after the Fed warned that inflation risks remain “meaningful,” signaling a slower pace of rate cuts in 2026, though still keeping the door open for two reductions this year. United Laboratories climbed 2.2% after receiving a $180 million upfront payment from Novo Nordisk under an exclusive licensing deal. Other top gainers included Sunny Optical Tech (4.2%), Mixue Group (3.1%), and SMIC (1.9%).

香港股市在周五早盘上涨165点，涨幅0.7%，至23399点，结束了连续三天的下跌，板块普遍上涨。市场从三周低点反弹，此前中国央行如预期般保持关键贷款利率稳定，此前5月份为提振经济和抵消美国关税上涨的影响而创纪录地降息。人们希望中国最高立法机构能在7月初的会议上提出新的刺激措施，这进一步提振了市场情绪。然而，由于对美国可能参与以色列-伊朗冲突的担忧日益加剧，恒生指数本周将出现三个时期以来的首次下跌，迄今为止下跌约2%。与此同时，美联储表示，通胀风险仍然“有意义”，这表明2026年降息的道路更加谨慎，尽管今年仍有两次降息的空间。早盘上涨股包括阳光光学科技（3.7%）、老蒲旧（2.5%）、周大福（1.8%）和中芯国际（1.7%）。

Stocks in Hong Kong climbed 165 points or 0.7% to 23,399 in Friday morning trade, snapping a three-day losing streak amid broad-based sector gains. The market rebounded from a three-week low after China’s central bank held its key lending rates steady, as expected, following record cuts in May aimed at boosting the economy and offsetting the impact of rising U.S. tariffs. Sentiment was further lifted by hopes that China’s top legislature could recommend fresh stimulus measures during its early July session. For the week, however, the Hang Seng is on track for its first fall in three periods, down around 2% so far, pressured by mounting concerns over possible U.S. involvement in the Israel-Iran conflict. Meanwhile, the Fed signaled that inflation risks remain “meaningful,” suggesting a more cautious path for rate cuts in 2026, though still leaving room for two more cuts this year. Early gainers included Sunny Optical Tech (3.7%), Laopu Old (2.5%), Chow Tai Fook (1.8%), and SMIC (1.7%).